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BW Businessworld

Sensex Hits New High, Jumps 460 Pts; Nifty Ends Above 18,470

Shares of Tata Power and NHPC were the top newsmakers in the Midcap space as the stocks jumped above 15 per cent during the intraday session on Monday

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The Indian equity markets surged higher for the seventh consecutive session and marked fresh record highs despite weak Foreign markets on Monday, October 18. The Sensex surged more than 600 points to hit a new high of 61,963.07, while the Nifty-50 hit an all time high of 18,543.15.

At close, the BSE Sensex was up 460 points at 61,765.59, while the Nifty-50 closed higher by 138.50 points at 18,477.05. The 30-share pack Sensex ended the session with 17 advances and 13 declines with Infosys(+4.46 per cent) and Tech Mahindra(+3.48 per cent) being the top gainers, while on the flipside, M&M and HCL tech dipped over two per cent each.

Among the sectors, buying was witnessed across the board, except for the Pharma as the sector ended in the red during the closing deals. The Metal and PSU Banks were the top performers as both Nifty Metal and Nifty PSU Banks surged close to four per cent each. IT and Energy counters also contributed over 1.5 per cent each in the intraday session on Monday.

The broader markets also ended higher, in-line with the headline indices. The BSE Midcap ended higher by 0.95 per cent, while the Smallcap index was up 0.69 per cent. Shares of Tata Power and NHPC were the top newsmakers in the Midcap space as the stocks jumped above 15 per cent during the intraday session.

Experts mostly attributed the strong sentiment to positive domestic cues with the economy bouncing back to normal and increase on the consumption part in the country, also driven by the upcoming festive season.

Narendra Solanki, Head - Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers, said, "The sentiment was buoyant with the early data showed Indian economy bouncing back strongly, domestic consumption increasing and industrial production is likely at pre-COVID level."

Sharing similar views, Deven Choksey, Managing Director, KR Choksey Investment Managers, in an exclusive conversation with BW Businessworld, said, "The consumption this year is likely to be strong amid the festive season as the economy is reopening and this is the first diwali that will be celebrated post the effect of pandemic."


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sensex nifty equity investments share markets stock market